Office Depot, OfficeMax to Merge
February 20, 2013
Boca Raton, Fla.-based Office Depot Inc. has agreed to purchase Naperville, Ill.-OfficeMax Inc. for $1.17 billion, according to Bloomberg. The merger is reportedly part of an effort to compete with Staples. Currently, Office Depot operates about 1,675 global locations, and OfficeMax operates about 900 stores in the United States and Mexico. The combined company may close or sell as many as 600 locations and its board will be revamped to include an equal number of directors designated by Office Depot and OfficeMax.